Yes, MoviePass is on the verge of collapse. According to an SEC filing on Friday (via Business Insider), MoviePass admitted that they had to borrow $5 million in cash to take care of a “service interruption” on Thursday. The subscription service ran out of cash and the lights got cut off. The official filing read: MoviePass tweeted, “We are still experiencing technical issues with our card-based check-in process and we are diligently working to resolve the issue.” This was followed by another tweet saying, “We’ve determined this issue is not with our card processor partners and will be continuing to work on a fix throughout this evening and night.” The Playlist’s Charles Barfield says: “Obviously, the company isn’t going to tweet, “Shit, we ran out of cash, our bad!” but these tweets are clearly hiding the bigger issue. And it’s something that is what we all expected to happen. Contribute Hire me
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